Sumitomo Profits Fall Despite Higher Sales
Sumitomo Rubber Industries Ltd. reported lower operating income for the 2Q and first half of the year, despite higher sales year-over-year. In the first half, Sumitomo’s operating income dropped 7.9% to $311.3 million, despite a sales increase of 3.6% to $3.62 billion. Total net income was down 5.7% to $162.1 million. Similarly, the 2Q results
Brembo Buys Partner’s Shares
Italian brake manufacturer Brembo SpA has acquired the 30% share in the Brembo Nanjing Brake Systems Co. Ltd joint-venture company held by Chinese partner Donghua Automotive Industrial Co. Ltd. The RMB 90 million paid for the share gives Brembo total ownership of the operation and is a transaction the company describes as “the last step
Continental Revises Full-Year Earnings
Reporting its second quarter and first half results, Continental Executive Board chairman Dr. Elmar Degenhart cautioned that the stronger development seen in the second quarter shouldn’t be viewed as a turnaround; rather, sales developed better due to seasonal and technical factors. The European market – where Continental makes 55% of its sales – was described
Apollo-Cooper Deal Closer to Completion as Review Period Closes
Apollo Tyres and Cooper Tire & Rubber Co. have announced that the Hart-Scott-Rodino (HSR) review period for the pending merger of the two companies expired on July 26 with no action by the Federal Trade Commission or the Department of Justice. The expiration of the HSR review period satisfies one of the conditions necessary for
Apollo Vredestein Sees 27% Increase in Annual Net Profits
The Apollo Vredestein BV division of Apollo Tyres Ltd. reported increased net profits for 2012-13 compared to the previous year, despite a slight slump in net sales. The tiremaker reported net sales of 425.5 million euros for 2012-13, compared to 426.9 million euros in 2011-12. Operating profit increased some 20% to 61.9 million euros from
Apollo: Investment Focus on Serbia, China and Mexico
Apollo Tyres – which will add eight tire manufacturing plants across the globe after the completion of its $2.5 billion acquisition of Cooper Tire – will focus on expanding operations in Serbia, China and Mexico over the next few years, according to a report by the India Business Standard. Neeraj Kanwar, vice chairman and managing
Continental Posts Higher Income, Sales in First Half
Continental AG reported a 13.8% year-on-year improvement in first half net income, posting earnings per share of 5.71 euros, up from 2012’s 5.02 euros. In the first six months of 2013, consolidated sales were up 0.4% year-on-year to more than 16.5 billion euros, while EBIT was down 1.4% to a little over 1.6 billion euros
Hankook Shows First Half Sales, Profit Increases
Hankook Tire Corp. reported first half global sales of $3.22 billion, up year-over-year from $3.11 billion. Those sales generated operating profits of $476.5 million for the six-month period, an increase from 2012’s $415.3 million. “We are pleased that our results for the second quarter of 2013 shows solidarity across all of the facets of Hankook
Tyrexpo Event Organizer Bought, Shows Will Continue
ECI International is now a wholly owned subsidiary of Singex-ECI International Pte. Ltd. following the company’s acquisition by Singex Exhibition Ventures (SEV). According to the companies, the Tyrexpo series of events (including Brityrex in the U.K.) will continue to be marketed as “An ECI International Event” providing all exhibitors, supporters, partners and visitors with a
GE Capital Retail Finance Hits 80 Years
GE Capital’s Retail Finance business is celebrating 80 years of providing financial solutions to retailers. Founded in the 1930s, the business provides customized credit programs to retailers and consumers in the U.S. and Canada, including private label and bankcard credit programs to major national, regional and independent retailers in the U.S., as well as promotional
Goodyear Shows Income Improvement Despite Sales Fall Off
The first six months of 2013 have not been kind to tiremakers, including Goodyear Tire & Rubber Co., which today reported a 9% drop in first half sales and a 4% fall off in tire unit sales. Despite those results, the tiremaker still turned a 16% improvement in operating income ($730 million) and $206 million
Apollo-Cooper Update: No Cooper Conference Call
Financial analysts will need to form their own opinions when Cooper Tire & Rubber releases its second quarter 2013 financial results on Aug. 8. The tiremaker has announced that in light of its pending acquisition – described as a “merger” in a Cooper press release – by India’s Apollo Tyres, the company will not host